AKIPRESS.COM - Tethys Petroleum Limited announced its annual results for the year as of December 31, 2013, the press release of the company reads.

Corporate Highlights

- Completion of a farm-out of 66.66% of the Tajik Bokhtar Production Sharing Contract agreement to subsidiaries of Total Exploration and Production SA and China National Petroleum Corporation for USD63.4 million

- Conditional sale of 50% (plus one share) of the Kazakh oil and gas assets to SinoHan Oil and Gas Investment BV for USD75 million plus potential future bonuses

- Acquisition (completed early January 2014) of a 56% interest of Blocks XIA, XIM and XIN in Georgia for USD 9.6 million

- Decision to discontinue operations in Uzbekistan-- Drilling of AKD08 and AKD09 in Kazakhstan

Financial Highlights

-Oil and gas revenue from continuing operations of USD36.95 million - an increase of 10% on 2012 (USD33.63 million)

- Loss for the year from continuing operations of USD10.54 million - a decrease of 50% on 2012 (USD20.96 million). In addition there was a loss of USD7.10 million from the discontinued Uzbekh operation which was primarily a write-down of assets

- Basic & diluted loss per share of USD0.03 cents from continuing operations (2012: USD0.07 cents)-- Capital Expenditure of USD23.81 million - an increase of 36% on 2012 (USD17.50 million)

- Cash and cash equivalents of USD25.10 million - an increase of USD23.35 million on 2012 (USD1.75 million)

Reserve Highlights

Annual audited net reserve results of: 1P (Proved) - 13.03 million barrels oil equivalent ("boe"), 2P - (Proved plus Probable) - 23.29 million boe and 3P - (Proved plus Probable plus Possible) - 36.70 million boe. With the addition of 2013 production, these figures represent an increase on the 2012 year end volumes.

The above reserve data does not reflect the conditional sale of 50% of the Kazakh operations announced on Nov 1, 2013.